25 Jul 2021

The Minister of Trade and Industry announced that Egypt’s non-oil exports have reached USD15.4bn during 6M21, marking a 23% increase YoY. This could be partly attributed to the success of the Egyptian government’s policies to support productive and exporting sectors during the Covid pandemic. A recently launched government program to boost exports that is also contributing to higher volumes involves subsidizing some of the export burdens borne by companies while offering various exporting incentives. The government ultimately aims to achieve USD100bn in annual exports. June 2021 alone witnessed a 30% YoY rise in non-oil exports.

The largest receiver of Egyptian exports in 6M21 was the U.S., followed by Saudi Arabia and Turkey. The sectors that witnessed the greatest increase in their exports were: medical industries up 51%, shoes and leather products up 57%, electronic and engineering products up 53%, furniture up 38%, clothing up 48%, and fertilizers and chemicals up 37%. In the meantime, imports increased by only 11% during 6M21 to reach USD36.6bn.

(Source: Zawya (English), Arab Finance, Mubasher, Hapi Journal)